Delta posts big losses

By  | 

April 23, 2008

ATLANTA (AP) -- Delta Air Lines, the nation's third-largest carrier, says its loss widened in the first quarter to a whopping $6.39 billion due to soaring fuel prices and the steep decline in the company's market value.

The results badly missed Wall Street expectations and came despite a 12 percent increase in sales.

The Atlanta-based company said Wednesday the loss is equivalent to $16.15 a share. That compares to a loss of $130 million that Delta reported in the year-ago January-March quarter, when it was still in bankruptcy.

Excluding special items, primarily a $6.1 billion non-cash charge relating to the decline in Delta's market value due to sustained record fuel prices, the airline lost $274 million, or 69 cents a share, in the first quarter.

Analysts were expecting a Delta loss of 49 cents a share, excluding one-time items.

Copyright 2008 by The Associated Press. All Rights Reserved.



 
Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus